Iran's Renewable Energy Revenues Will Reach $60 Billion By 2023

China's energy storage network: in less than two years of returning to the international oil market, Iran has rapidly accepted another alternative source of oil: renewable energy.

The country's deputy energy minister, Houshang Fallahatian, told the media that Tehran plans to add 1,000 megawatts of new renewable energy capacity annually over the next five years.

If the plan succeeds, renewable energy will generate $60 billion in revenue.

At present, Iran has 77,000 megawatts of power generation capacity, with renewable energy generating 360 megawatts.

Wind power is 141 megawatts, while the country's wind power capacity is 100, 000 megawatts.

Renewable energy, including hydropower, accounts for only 6 per cent of energy generation and 90 per cent of natural gas.

However, Mohammad Sadeqzadeh, head of the state-controlled renewable energy and energy efficiency organisation (Satba), said recently that renewable energy could account for a quarter of Iran's electricity by 2022.

The government is ambitious and hopes that by the end of March 2018, the amount of renewable energy will double to 700 megawatts, compared with the previous plan of 600 megawatts.

The plan also includes an additional 4,000 megawatts of wind capacity by 2020.

Solar is also popular because Iran has an average of 300 sunny days and 2,800 hours of sunlight a year.